Surged by 61.93%! Tai Neng Chemical Releases Semi-Annual Report, Lithium Iron Phosphate Business Booms

On the evening of August 4, Titanium Energy Chemical released its semi-annual report for 2026. During the reporting period, the company's operating performance improved significantly, with operating revenue reaching 4.557 billion yuan in the first half, a year-on-year increase of 20.89%; net profit attributable to shareholders of listed companies was 420 million yuan, a surge of 61.93% year-on-year; net profit after deducting non-recurring gains and losses was 364 million yuan, an increase of 65.20% year-on-year. The growth rate on the profit side was significantly higher than that of revenue, indicating a continuous improvement in the quality of the company's profitability.

In the first half, the market prices of major products such as titanium dioxide, yellow phosphorus, and iron phosphate bottomed out and rebounded, and industry prosperity recovered somewhat. Relying on the green coupled and integrated industrial layout of the three major sectors—titanium chemicals, phosphorus chemicals, and new energy materials—the company continued to promote efficient equipment operation, constantly optimize production and operation management, and further release scale effects and integrated cost advantages, driving a substantial upward trend in overall operating performance.

Significant divergence among product lines, with iron phosphate business achieving explosive growth

Looking at the product dimension, there was a clear divergence in the revenue performance of various business segments, with the new energy materials sector becoming the biggest highlight for growth.

Titanium dioxide, as the company's foundational business, achieved revenue of 3.163 billion yuan in the first half, a year-on-year increase of 4.67%. Against the backdrop of warming industry prices, the titanium dioxide business maintained steady operations, contributing the main base of revenue.

Traditional phosphorus chemical products such as phosphate rock and yellow phosphorus benefited from improved industry supply and demand dynamics, achieving rapid revenue growth. Among them, phosphate rock revenue was 73.0876 million yuan, up 46.39% year-on-year; yellow phosphorus revenue was 370 million yuan, up 34.42% year-on-year, with the profitability elasticity of the upstream raw material sector gradually becoming apparent.

The growth of iron phosphate in the new energy track was the most rapid, achieving revenue of 349 million yuan in the first half, a soaring increase of 172.82% year-on-year. It became the core incremental business driving the company's overall revenue growth, fully demonstrating the effectiveness of the company's industrial layout extending into new energy materials.

Cyclic coupling advantages highlighted, fully seizing the window of industry price recovery

Titanium Energy Chemical's titanium-phosphorus-new energy materials integration cyclic model further amplified its competitive advantage during this round of industry cyclical recovery. The titanium chemical and phosphorus chemical industrial chains complement each other in terms of resources, and the increased self-sufficiency rate of raw materials effectively hedges against raw material fluctuation risks; the iron phosphate business, relying on existing phosphorus chemical supporting facilities, possesses significant cost advantages compared to peers.

In the first half, the market prices of titanium dioxide and yellow phosphorus rebounded from previous lows, and market demand for iron phosphate recovered. The company's various units maintained high-load production, and production capacity was fully released. Scale effects combined with cost control capabilities brought by the circular economy promoted the improvement of the company's gross profit margin, ultimately resulting in a net profit increase significantly higher than the revenue increase.

Future outlook: Dual-wheel drive by traditional chemicals and new energy materials

Looking ahead to the second half, the market conditions for the titanium dioxide and phosphorus chemical industries will continue to fluctuate with downstream real estate and industrial demand, while iron phosphate will continue to benefit from demand driven by the power battery and energy storage industry chains. The market is watching whether the company can continue to leverage its integrated cyclic advantages, consolidate the foundation of traditional chemicals, further expand the production capacity and market share of new energy material businesses such as iron phosphate, and maintain the resilience of performance growth.